By: Jonathan Brown, Marketing Technology Consultant, CvE.
In the world of data management, a critical question persists: should you clean your data or leave it be? We find ourselves in a time when new software companies are sprouting up in various sectors, such as retail media, CTV, AI, and CDPs. Despite the diversity of industries, one common thread binds them all – the generation of data.
Data remains a somewhat enigmatic entity for many companies. They often hope that their data will unlock valuable insights for informed decision-making. However, the harsh reality is that their data is often neglected and ill-suited for its intended purpose. In this article, I will share some insights aimed at helping you navigate the data landscape more effectively.
Building Strong Foundations!
In recent months, I’ve had the opportunity to converse with numerous clients about optimizing their data utilization. Many of them aspire to use data for various purposes but lack a solid foundation. What constitutes a solid foundation, you ask? It begins with having knowledgeable team members, individuals who are either subject matter experts or possess a deep understanding of how data operates within your business. With such a team, your ideas can be vetted, ensuring that your strategies are not just fanciful notions but viable courses of action. There’s nothing more disheartening than conjuring up a brilliant idea, only to hear later, “Sorry, we can’t do that!”
Data Silos Abound!
One intriguing scenario is the proliferation of data silos, akin to the seven seas. Once upon a time, companies bent over backwards to implement Data Management Platforms (DMPs) for good reasons – understanding customer interactions, leveraging insights for personalized messaging, and constructing lookalike models from first-party data. Yet, six years later, we find ourselves in a landscape with dwindling DMPs, businesses transitioning to Customer Data Platforms (CDPs), and much change afoot.
Whether you’re sailing with a DMP or CDP, these platforms are your trusted vessels to comprehend your customers. They reveal what piques their interest, where they navigate, and the motivations behind their clicks. When you weave these insights together with your strategy, data frameworks for KPIs, and personalized approaches, all grounded in meticulous analytics, you’re on the path to success. It might not always be as straightforward as reading an article, but with persistence and investment, you can unlock the potential of your first-party data.
Reset Your Data for Optimal Performance!
Think of your data as you would an automobile that requires regular maintenance for peak performance. Just as you would lift the hood of your car for a service, so too must you tend to your Datalayer. When was the last time you assessed it? Do you even understand what a Datalayer is? Let me provide a quick overview for those unfamiliar with the term: The data layer serves as a powerful tool for collecting various types of data, such as page titles, URLs, product details, and event data. It interfaces with various tags, including Google Analytics, Google Ads, and Facebook Pixel, enabling you to track a range of metrics, from website traffic to conversions and customer behaviour.
Now that you grasp the essence of a Datalayer, it’s essential to scrutinize what it’s tracking. You might discover traces from previous campaigns, obsolete client partnerships, A/B testing relics, and redundant products. Beware of these redundant analytic tags, as they can wreak havoc on page load times. Always remember that it’s the little details that can make all the difference.
The Future with Clean Data
Imagine a future where your data is immaculate, like a meticulously organized library. This future presents substantial opportunities for both financial growth and strategic advantage. Here are some key considerations:
Clean data serves as a rock-solid foundation for informed decision-making. You won’t need to wrestle with Excel to correct data discrepancies; your Datalayer will be a beacon of accuracy.
Inaccurate data is a perpetual headache. How can you report on “thank you” pages when the tracking is askew? Such inaccuracies can lead to erroneous revenue calculations and miscalculated business forecasts. Clean data mitigates these risks.
Compliance and Risk Management:
Clean data is your ally in meeting regulatory requirements. Consider GDPR; it hinges on sound data management. The cleaner your data, the better your chances of sidestepping fines and legal complications.
Imagine having a single, reliable source for reporting. This streamlines your operations, saving precious work hours and boosting your team’s morale. Accurate data is the lifeblood of efficient reporting and performance monitoring, whether for day-to-day operations or experimental endeavours.
I hope you’ve found this article to be thought-provoking. Emerging technologies in Adtech and Martech are generating a wealth of data, and maintaining the cleanliness of your data is paramount to staying ahead in the game.
In this piece, I have shared some insights on how to navigate the data landscape more effectively. I have argued that data can be a powerful asset for your business, but only if you clean it and use it wisely. You need to have a knowledgeable team, avoid data silos, and reset your data layer for optimal performance. I have also highlighted the benefits of using platforms such as DMPs or CDPs to understand your customers and leverage insights for personalized messaging.
However, cleaning and using your data is not a one-time task. It is an ongoing process that requires constant attention and improvement. You need to align your data with your business objectives, ensure data quality and accuracy, and adopt a data-driven culture. It’s key to be aware of the challenges and opportunities that arise from the changing data landscape, such as privacy regulations, new technologies, and customer expectations.
If you need guidance or support in your data journey, don’t hesitate to email me at email@example.com.